Two floors of a Toronto man’s house, which lies just outside Trinity Bellwoods Park, are for sale in this unusual real estate listing.

Larry Chilton is trying to sell parts of his three-storey home. He has been living there since 1978 and would ideally like to stay, but wants to cash out some of the equity. The front gate of the house opens right into Trinity Bellwoods Park. (July 23, 2013)

Larry Chilton, at the age of 66, says his three-storey, Victorian-style home is too big for him to manage on his own, so he’s selling. But it’s not your average sale.

On Tuesday afternoons in the summer, Chilton can step through his front gate and into a farmer’s market. And on the days he would rather observe than partake, he can do so while sitting in his living room, or lounging on his balcony.

The front of his house opens onto Trinity Bellwoods Park. He’s shared his home for 35 years, operating a rooming house on the first and second floors, and he’d like to continue that tradition. So if you would like to own a quarter, or half of a house, he’d like to hear from you.

“It’s very hard to leave something like this,” he said.

If all goes according to the original plan, Chilton, whose living room is on the third floor, bedroom is in the loft and basement is for storage, will keep his place while cashing in some equity.

The house is set up like a triplex, with a separate staircase leading to each floor. It’s the first and second floors that are for sale, and each represent 25 per cent of the house, costing about $480,000 plus costs for renovations. Each floor for sale is 1,300 square feet and has two bedrooms.

The house itself is also for sale, for just under $1.7 million, again plus renovation expenses. Chilton said he will take whichever offer is more attractive.

“When it comes down to making a decision, I expect it’s going to be a bit stressful,” he said.

Called co-ownership, buyers purchase a per cent interest of the property and become “tenants in common.” These arrangements aren’t common in Toronto because they can get complicated, said real estate lawyer Mark Weisleder, who writes a column in the Star.

It can be difficult to get a mortgage for a percentage of a property, Weisleder said, and tenants must come up with an agreement to divide the property taxes, which are assessed based on the value of the entire property. And there’s always the risk one of the owners may stop making payments.

Freeman acknowledged this kind of deal may be difficult for potential buyers to wrap their heads around because usually, they involve friends or family members.

“What we’re proposing is doing something with complete strangers, that’s what makes it unique, different and challenging,” he said.

In Quebec, these kinds of deals are called “undivided co-ownership.” Notary and legal adviser Anna Kamateros said the inherent complications mean some people shy away from the arrangement, but not everyone.

“Most people prefer condos, but lately I’ve been seeing more of it,” she said, noting it’s a way for common law couples to spell out who has what interest in the property and what happens if they split up.

Real estate expert Brendon DeSimone said the usual strategy is to convert the properties into condos, which increases their value.

“You’re taking a bit of a risk, but the upside is in the return on investment,” he said.

Chilton said he’s looked into converting the house to separate condo units, but the process is costly and time-consuming for a single person. He said he’d be willing to try again if he can find partners to share the burden.

The house is at 2 Bellwoods Park, south of Dundas St. off Crawford St., and has been on the market for about a month. Hobson said interest in buying a part or the whole house has been about 50-50.

Built in 1892, the house still features many of its Victorian-era features, such as the original pressed in ceiling, crown mouldings and transoms around the doors. Chilton said he found tin pipes in the walls that he believes were used as an intercom. He still has them, somewhere, he said.

Chilton rents out 11 rooms to young people who, like him 35 years ago, are usually just out of school, or newly arrived to the city, and looking for a place to live. He said he has met some “interesting people” over the years, referring to his former tenants as “Bellwoods Alumni.”

His decision to sell is another tale in what he sees as the decline of rooming houses in Toronto. When he bought the place, there were about 1,200 in the city, he said. Now, he estimates there are about 400.

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